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Jun 16, 2012
06/12
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tax reform, there are reasons to do tax reform. but one of the reasons, there is a strong focus today, in order to do entitlement reform, we will have to do reform to get it onto the table. there is a lot of reform and a lot at stake for the nation. it is probably a bigger issue for the nation than tax reform for the nation. where the reform of the tax code probably has to be part of that discussion in in order to get reform to work. at the same time we ought to be talking about the distribution about the entitlement programs. i think it would be still abridge too far, but it would be interesting to see tables that factored in both spending and the tax side. please raise your hand. and remember to state your name. especially those who know me and i know you. that is harder for you. >> i want to respond to things that bob said. i want to say that people should get bob's book. people have talked about the flat tax for a long time. those are crazy propose ales because they don't account for -- they would make the tax more aggressive.
tax reform, there are reasons to do tax reform. but one of the reasons, there is a strong focus today, in order to do entitlement reform, we will have to do reform to get it onto the table. there is a lot of reform and a lot at stake for the nation. it is probably a bigger issue for the nation than tax reform for the nation. where the reform of the tax code probably has to be part of that discussion in in order to get reform to work. at the same time we ought to be talking about the...
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Nov 2, 2017
11/17
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CSPAN3
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eye 27
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which is i want to cut taxes, i want to cut tax rates and i want to broaden the tax base. if i think you say that to a body of constituents, that might actually go over okay. the reason i think it will go over okay. because nobody knows what broadening the tax base is. they understand what tax cuts and lower tax rates and this other thing that doesn't really offend them. so they're still relatively excited. but i tell you, if you tell people you want to cut taxes, you want to lower tax rates and raise taxes also at the same time, that doesn't go over well at all, right? and that's the winners and losers problem that was mentioned in the introduction. and that's some of the challenges the politicians face. so cutting tax rates and also creating lots of winners is tough politics. and i think that there is plenty of evidence of that. and so, but it's not a binary choice. and we saw that play out in the budget resolution. and we've seen that play out in the sort of the core outline of the big six plan the republican leaders have introduced. they're talking about cutting taxes.
which is i want to cut taxes, i want to cut tax rates and i want to broaden the tax base. if i think you say that to a body of constituents, that might actually go over okay. the reason i think it will go over okay. because nobody knows what broadening the tax base is. they understand what tax cuts and lower tax rates and this other thing that doesn't really offend them. so they're still relatively excited. but i tell you, if you tell people you want to cut taxes, you want to lower tax rates...
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May 16, 2017
05/17
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CSPAN
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tax. why? it's taxed over there. if you're adding tax to it, you're making that u.s. operation abroad less competitive and because operations are integrated internationally, that's the u.s. operation works closely with the foreign operation. if you make the foreign less competitive, you make the u.s. operation less competitive. that's the reason why even socialist countries in europe adopted a territorial system, all of them, because they know they need to compete on a global scale on the global scene and the only way to do that is to have a competitive tax system. so those are the three key components. there are other things that can be done in part of tax reform, dealing with the estate tax and other elements. those are all important. this core elements of tax reform, significant rate reduction, expensing, and a territorial system. and right now if you'll notice when we talk about tax reform, whether it's the blueprint or president trump's proposals, they tend to revolve around those thr
tax. why? it's taxed over there. if you're adding tax to it, you're making that u.s. operation abroad less competitive and because operations are integrated internationally, that's the u.s. operation works closely with the foreign operation. if you make the foreign less competitive, you make the u.s. operation less competitive. that's the reason why even socialist countries in europe adopted a territorial system, all of them, because they know they need to compete on a global scale on the...
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Feb 28, 2017
02/17
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CSPAN
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eye 21
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tax policy. polls was for an increased increase tax on imported goods and the house republicans plan for house reform. from washington journal, it is just under an hour. are joined by president of americans for tax reform. he is joined by the president of the peterson institute for discussion on a key proposal and the republican tax reform effort. it is called a border of justice. or just a border tax. start us off by giving us a basic of how a border tax works and how republican leaders see this working. a littlethink it is complicated. almost every country in the world has something called a value added tax. the way the value added tax is the only taxes you at each stage you something. it automatically does not punish exporters versus importers, it lets you use the mystic stuff. the specific proposal being put brady, houseairman speaker brian and the things we are hearing from president trump is confused. it is not the same is attacks. it is biased against imports in would be a big adjustment t
tax policy. polls was for an increased increase tax on imported goods and the house republicans plan for house reform. from washington journal, it is just under an hour. are joined by president of americans for tax reform. he is joined by the president of the peterson institute for discussion on a key proposal and the republican tax reform effort. it is called a border of justice. or just a border tax. start us off by giving us a basic of how a border tax works and how republican leaders see...
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Jun 16, 2012
06/12
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CSPAN3
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eye 130
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a tax increase, not a tax cut. and the greatest increase according to the distribution tables were to incomes at the top. but i would say within three months after the enactment of that statute, more liberal politicians already were screaming that the rate on wealthy people were too low, and they wanted to increase it. i think if you buy off on this myth that you'll trade tax expenditures for a lower rate, you're going to end up with no tax expenditures and a higher rate in the end. now maybe that's what people want. but i think on one side of the aisle that's not what they want, but that's what they're going to end up with, in the long run. >> you have a response? >> most of the base broadening in '86 was actually on the corporate side. and actually a lot of those changes survived. it is true that rates went up. also, right after tax reform is enacted, there was a -- i'll call it a lower capital gains tax rate, and to restore the tax investment credit, one of which eventually happened. i mean it certainly for peop
a tax increase, not a tax cut. and the greatest increase according to the distribution tables were to incomes at the top. but i would say within three months after the enactment of that statute, more liberal politicians already were screaming that the rate on wealthy people were too low, and they wanted to increase it. i think if you buy off on this myth that you'll trade tax expenditures for a lower rate, you're going to end up with no tax expenditures and a higher rate in the end. now maybe...
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Sep 22, 2017
09/17
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CSPAN2
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>> so the income-tax and consumption tax. with income-tax you should deduct interest and depreciation should fall that the of assets over time but with consumption you should expense everything we believe with no right off for interest deductibility. we have a system bin between with accelerated depreciation but we allow interest and the challenge is you can overcome encourage investment create negative tax rates with the of problems that happened in the '80s if you go too far. and with that investment so i am very open to reducing the fittest pared to make depreciation and more favorable. >> i would echo. so if you'll eliminate interest deductibility it sets up a less harmful way. to get that maximum amount of benefits. and also to interest deductibility to reducing for the of multinationals and then stripped didn't come out of the u.s. tax base so talk about over leverage each there are bridges that we do with their stand that some of the industry's are over reliant and it could be disruptive but it is a trade-off in order
>> so the income-tax and consumption tax. with income-tax you should deduct interest and depreciation should fall that the of assets over time but with consumption you should expense everything we believe with no right off for interest deductibility. we have a system bin between with accelerated depreciation but we allow interest and the challenge is you can overcome encourage investment create negative tax rates with the of problems that happened in the '80s if you go too far. and with...
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term but you can you can tax financial transactions or you can tax a bank so you can tax profits on. people who work at banks or a lot of fun ways to do it some are better than others or some are less worse than others depending on how you look at all right gentlemen i'm going to have to jump in here we're running out of time here i guess one thing is for sure that we will all be paying a lot more taxes in the future i think many thanks to our guests today curtis debate in benjamin harrison and thanks to our viewers for watching is here to see you next time and remember cross talk rules. the. motions of death remains in solitary can.
term but you can you can tax financial transactions or you can tax a bank so you can tax profits on. people who work at banks or a lot of fun ways to do it some are better than others or some are less worse than others depending on how you look at all right gentlemen i'm going to have to jump in here we're running out of time here i guess one thing is for sure that we will all be paying a lot more taxes in the future i think many thanks to our guests today curtis debate in benjamin harrison and...
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Jul 21, 2015
07/15
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CSPAN2
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high tax rates discourage what is tax. my frustration is many of the same politicians forget the lesson when it comes to taxes on work saving investment, rick taking the things that help our economy grow and create jobs make us competitive. but as for tax reform in my mind i try to make it as simple as possible. but a lot growth and prosperity. you heard out in just saying over and over again, consumption-based tax. my job is to try to exploit why that is important. it is important because our current tax system treats income you save and invest much worse than the income you consume. think about the simple fashion. you make the money, pay tax on the money. what is left? disposable income. you have two choices of what to do. consumer right away or in the future. saving and investing. let's think about how the federal tax system treats the two choices. if you consume after-tax income right away, the federal government i enlarged the super loud. we have federal excise tax on gasoline and bows and arrows but other than a few
high tax rates discourage what is tax. my frustration is many of the same politicians forget the lesson when it comes to taxes on work saving investment, rick taking the things that help our economy grow and create jobs make us competitive. but as for tax reform in my mind i try to make it as simple as possible. but a lot growth and prosperity. you heard out in just saying over and over again, consumption-based tax. my job is to try to exploit why that is important. it is important because our...
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Nov 3, 2017
11/17
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pay property taxes. so everyone throughout the united states of america, tens of millions of people are going to be hurt by this republican tax plan. because the limitations on deductibility related to state and local taxes, because of the draconian limitations on deducting property taxes. because of the limitations placed on middle class homeowners as it relates to the mortgage interest deduction. you can't make this stuff up. the republican tax plan is nothing more than a ponzi scheme. to provide a dwinsd fall to millionaires aened billionaires. the wealthy and to the well off. to special interest corporations. and to hide it in the notion that it's a middle class tax cut. the republican tax plan won't help the middle class. it will hurt the middle class. it's a ponzi scheme. it will undermine medicare and medicaid. t will impose billions and billions of dollars in additional deficit. it will force your children and grandchildren to shoulder in ximately $1.5 trillion additional debt. in this is all bei
pay property taxes. so everyone throughout the united states of america, tens of millions of people are going to be hurt by this republican tax plan. because the limitations on deductibility related to state and local taxes, because of the draconian limitations on deducting property taxes. because of the limitations placed on middle class homeowners as it relates to the mortgage interest deduction. you can't make this stuff up. the republican tax plan is nothing more than a ponzi scheme. to...
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Mar 28, 2017
03/17
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the aca is a set of taxes by itself. tax reform is a set of taxes by itself. they are totally separate. if you do aca first it really doesn't impact your tax reform that much. the: the repeal of taxes on apa had no effect as far as tax reform? guest: correct. there is no interaction between those. they don't necessarily need to be cut as part of tax reform. if republicans think that is something that has to be done than tax reform becomes harder. it's not necessarily the case that they need to. paul ryan has already indicated that when he says obamacare is the law of the land that he is also talking about the taxes that come with that. in my mind i don't think there is any additional budgetary challenge that there is a failure to repeal and replace aca. host: we hear the term revenue neutral. what is that? guest: the concept that when you reform the tax code or change any tax bill that any tax cuts are made up with a base broadening or so the level raised by the federal government is the same going forward. case kevin brady and paul ryan have indicated that th
the aca is a set of taxes by itself. tax reform is a set of taxes by itself. they are totally separate. if you do aca first it really doesn't impact your tax reform that much. the: the repeal of taxes on apa had no effect as far as tax reform? guest: correct. there is no interaction between those. they don't necessarily need to be cut as part of tax reform. if republicans think that is something that has to be done than tax reform becomes harder. it's not necessarily the case that they need to....
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Feb 10, 2012
02/12
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CSPAN3
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tax rate. we are pleased that there's growing consensus for reform that significantly reduces the corporate tax rate. we want to commend chairman camp and this committee for its leadership in this regard. we would welcome the opportunity to work with the committee and its members and staff in dealing with these issues as tax reform progresses. once again, i want to thank chairman camp, ranking member levin and the members of this committee for inviting me today. i very much appreciate this opportunity to testify and would be happy to answer any questions you might have. thank you. >> thank you, mr. schichtel. ms. hanlon, you're recognized for five minutes. >> thank you. chairman camp, ranking member levin and distinguished members of this committee, thank you for the opportunity to testify before you today. the main point of my testimony is that the responsiveness to tax policies can be affected by the financial implications of those policies. i would like to first offer some general examples o
tax rate. we are pleased that there's growing consensus for reform that significantly reduces the corporate tax rate. we want to commend chairman camp and this committee for its leadership in this regard. we would welcome the opportunity to work with the committee and its members and staff in dealing with these issues as tax reform progresses. once again, i want to thank chairman camp, ranking member levin and the members of this committee for inviting me today. i very much appreciate this...
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Nov 13, 2017
11/17
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CSPAN3
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eye 30
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the joint tax committee's distributional reports show that taxes will go down, the amount of taxes in dollars will go down for every single income category in america. you'll see the largest percentages of reduction are in the lower and middle class income categories. the same charts also show that the average tax rate will go down for every single income category in america. once again, a greater percentage of reduction for those in the lower to middle income categories. yet we will continue to face the attacks that what we are doing is trying to raise taxes for those in the middle and lower income categories so we can fejfej feather the nest of the wealthy. the opposite is the case, if it can save lower and middle mcfamilies to save receipts, don't tell them that's not a meaningful benefit and sim application of our tax code can further save those lower and middle income families from the need to pay hundreds a year for someone else to prepare their tax returns because the code is so complex, don't tell them that's not a benefit. if every single member of the -- every single bracket
the joint tax committee's distributional reports show that taxes will go down, the amount of taxes in dollars will go down for every single income category in america. you'll see the largest percentages of reduction are in the lower and middle class income categories. the same charts also show that the average tax rate will go down for every single income category in america. once again, a greater percentage of reduction for those in the lower to middle income categories. yet we will continue...
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123
Apr 15, 2013
04/13
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FOXNEWSW
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tax. people don't mind if you would see they don't have all the deductions and wiggle room and would be in the same position as everyone else. john: when you talk about the flat tax you talk about getting rid of deductions and just keep charity and mortgage interest deduction. >> everything else is gone. if you would design a system that would allow maximum corruption, maximum lobbying efforts and fund-raising in washington you created a system just like we have for it is so complex, we have got to fix it. it cannot keep going like this. >> that the complication is with the stupid deductions and exceptions of graduated progressive tax rate is not that complicated. >> the way the wealthy have not been fighting so hard against the progressive right is they have the loopholes and the wealthiest will stop fighting so hard if they have the same level playing field as everyone else and people would except that the leadership has not been willing to push it and i think it is a no-brainer we shoul
tax. people don't mind if you would see they don't have all the deductions and wiggle room and would be in the same position as everyone else. john: when you talk about the flat tax you talk about getting rid of deductions and just keep charity and mortgage interest deduction. >> everything else is gone. if you would design a system that would allow maximum corruption, maximum lobbying efforts and fund-raising in washington you created a system just like we have for it is so complex, we...
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87
Feb 9, 2012
02/12
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CSPAN3
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eye 87
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tax. these two functions are not necessarily consistent and in some cases, may even be at odds. for publicly-traded companies focused on earnings per share, in addition to cash flows, changes in tax policy might not produce intended results if the effective tax policy on earnings per share is not well understood. as a recent tax notes article suggests, when presented with an option between targeting tax benefits and lower corporate rate, many publicly-traded companies might prefer a lower corporate rate over those tax benefits because of the book treatment. similarly, tax provisions that provide cash benefits might not have the desired affect on behavior. a variety of things can affect companies and their decision-making processes differently. the high u.s. corporate rate is a important factor for companies that use gaap or international accounting standards. if the rate is too high, companies will, all other factors being equal, allocate capital to a location providing more favorable tax
tax. these two functions are not necessarily consistent and in some cases, may even be at odds. for publicly-traded companies focused on earnings per share, in addition to cash flows, changes in tax policy might not produce intended results if the effective tax policy on earnings per share is not well understood. as a recent tax notes article suggests, when presented with an option between targeting tax benefits and lower corporate rate, many publicly-traded companies might prefer a lower...
SFGTV: San Francisco Government Television
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Apr 10, 2012
04/12
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SFGTV
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receipts tax. the payroll tax is a tax on the compensation that businesses pay to their employees. a gross receipts tax is a tax on essentially the revenues of businesses, the top line revenues of businesses. so unlike a payroll tax, it doesn't directly add to the cost of labor. it doesn't send a clear a signal not to add jobs or create jobs in san francisco. i should say that as we looked across the practices of local government finance and other cities in california, san francisco is the only city with a payroll tax as its form of business tax. about 35 of the top 50 largest cities in california use a gross receipts tax so it's a very common tax for cities in california. the key features of our gross receipts tax is, first of all, it is a revenue neutral proposal which is to say that it's designed to generate just the revenue that the payroll tax is currently generating, no more, no less. secondly, we are envisioning a phase-in period in which the gross receipts tax is phased in over a period of
receipts tax. the payroll tax is a tax on the compensation that businesses pay to their employees. a gross receipts tax is a tax on essentially the revenues of businesses, the top line revenues of businesses. so unlike a payroll tax, it doesn't directly add to the cost of labor. it doesn't send a clear a signal not to add jobs or create jobs in san francisco. i should say that as we looked across the practices of local government finance and other cities in california, san francisco is the only...
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May 16, 2017
05/17
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CSPAN2
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eye 22
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not just corporate income tax that all business tax. no business ever paid a tax. they collect tax picnic lacked on so what else and you want to know who pays the tax? we don't know. we estimate in aggregate ashes of the corporate income tax between capital and labor. that doesn't mean you know that you paid it. everybody in the shrim champagne business tax but your dog you how much. if you've ever save a dollar and put it in a 401(k) bought a stock, you paid corporate income tax. can you tell how much? you never will. in essence the corporate income tax, the reason it is so perfect for the nature of the government we have, we will all adults corporate income tax collects a fair amount of money with relatively modest expense into exhibit a lot of expense engines of economic effects. why do we like taxing businesses so much? because nobody knows who paid the tax. that's why one philosophical note for the day. >> other questions? i would build on that a little bit, transparency is very much in the between principle, norm. i think you're right about spin but i think t
not just corporate income tax that all business tax. no business ever paid a tax. they collect tax picnic lacked on so what else and you want to know who pays the tax? we don't know. we estimate in aggregate ashes of the corporate income tax between capital and labor. that doesn't mean you know that you paid it. everybody in the shrim champagne business tax but your dog you how much. if you've ever save a dollar and put it in a 401(k) bought a stock, you paid corporate income tax. can you tell...
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Apr 27, 2017
04/17
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the reduction of tax brackets from seven to three. of the alternative minimum tax and death tax. for businesses and corporations, the administration once a 15% tax rate. here is the announcement -- wamnts a 15% tax rate. here is from secretary steven mnuchin and gary cohen. >> i never thought so many people would turn out to be -- obviously today we're here to talk about the president's effort to provide tax relief to both our corporations that will help grow jobs and to middle americans two people here to explain it, the director of our national economic council, gary cohn, is going to walk through why we're doing what we're doing. and then the personal side of the tax. then secretary of the treasury, steven mnuchin, will walk through the business side and the corporate side of what the president is doing to bring jobs back to this country, to make our businesses more competitive, and help our economy grow. at the end, we will be glad to take questions on that. you are being provided a one-pager right now that provides the top level aspects of the plan. and then both the directo
the reduction of tax brackets from seven to three. of the alternative minimum tax and death tax. for businesses and corporations, the administration once a 15% tax rate. here is the announcement -- wamnts a 15% tax rate. here is from secretary steven mnuchin and gary cohen. >> i never thought so many people would turn out to be -- obviously today we're here to talk about the president's effort to provide tax relief to both our corporations that will help grow jobs and to middle americans...
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if you if you have these tax cuts these bush tax cut tax cuts it doesn't necessarily mean they're going rich people are going to grow the economy doesn't necessarily mean they're going to invest in the economy it doesn't necessarily mean they're going to create jobs do you agree or disagree with that. as generally as i can i would agree with. the bush tax cuts of. income filers of all income brackets and so you know you may see more investment being spurred by cuts to the rich as a result for two earlier by some trickle down effect but the low income earners are also benefiting from from these tax cuts which are set to expire and twenty thirteen in addition to that low income earners are also benefiting right now from a two percent reduction absolute two percent reduction from six point five to four point five percent on the payroll tax tax which directly goes towards social security and medicaid benefits and this tax does by a greater proportion a fact the wealth and income of low income earners. but at a time when we when we have a serious fiscal. crisis in the united states a debt an
if you if you have these tax cuts these bush tax cut tax cuts it doesn't necessarily mean they're going rich people are going to grow the economy doesn't necessarily mean they're going to invest in the economy it doesn't necessarily mean they're going to create jobs do you agree or disagree with that. as generally as i can i would agree with. the bush tax cuts of. income filers of all income brackets and so you know you may see more investment being spurred by cuts to the rich as a result for...
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Jul 23, 2014
07/14
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CSPAN2
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tax system. and should not enhance the bias to foreign acquisitions. most importantly it should not impede our overall progress towards comprehensive tax reform. toward that end, it should not be inconsistent with our house colleagues' approach. i think there's a growing concern among some of our friends on the other side of the aisle to use corporate inversions as a political wedge issue in this election year. in fact, i was recently the recipient of a very politically toned letter from treasury secretary lu on this issue. we're going to have to work together. as you can see, mr. chairman. we have a lot to discuss today. i want to thank you for holding this important hearing and i'll look forward to hearing from this very distinguished panel. >> thank you very much senator hatch. and let me just reiterate i'm very much interested in working with you and our colleagues on both sides of the aisle to address both of these issues. the immediate challenge we're facing with this growing inversion viru
tax system. and should not enhance the bias to foreign acquisitions. most importantly it should not impede our overall progress towards comprehensive tax reform. toward that end, it should not be inconsistent with our house colleagues' approach. i think there's a growing concern among some of our friends on the other side of the aisle to use corporate inversions as a political wedge issue in this election year. in fact, i was recently the recipient of a very politically toned letter from...
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Nov 16, 2017
11/17
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CSPAN
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this is not a tax plan. it is a tax scam. this president won't disclose how he is going to benefit from this tax scam. he has disrespected us all. this tax scam will eliminate the student loan interest deduction. it will eliminate state and local tax deductions on income. it will restrict the mortgage interest deduction. 47 million taxpayers face a tax hike, almost half of any tax cuts will go to the richest 1%. residents of my state, california, will taste the largest net tax increase totalling $12.1 billion in 2027 alone. mr. speaker, and members, i call on the president of the united states of america to show his tax income, to show his tax plan. he needs to let us know what he's all about and what his taxes are. from the very beginning he said he couldn't show them at the time that he was asked when he was first inaugurated into this presidency. it's time for the president to show us his tax returns rather than coming up with a tax scam asking everybody else to pay up, to pay more and saying this is a middle-class tax cut
this is not a tax plan. it is a tax scam. this president won't disclose how he is going to benefit from this tax scam. he has disrespected us all. this tax scam will eliminate the student loan interest deduction. it will eliminate state and local tax deductions on income. it will restrict the mortgage interest deduction. 47 million taxpayers face a tax hike, almost half of any tax cuts will go to the richest 1%. residents of my state, california, will taste the largest net tax increase...
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14
Sep 20, 2017
09/17
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CSPAN3
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eye 14
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cash flow tax, or a carbon tax. finally, making business tax cuts retroactive to january 1st, 2017, would not promote growth. retroactive tax cuts would give a windfall to profitable businesses. that does little or nothing to encourage productive investment. indeed it could weaken growth by leaving less budget room for more pro-growth reforms. another down side is all the benefits would go to shareholders, not workers. thank you again. i look forward to your questions. >> thank you. thank you so much. okay. we'll go to the next one, mr. lewis. >> thank you for the opportunity to testify on behalf of the to testify on behalf of the aicpa. as the committee tackles this opportunity to enact bold pro-growth tax reform, we urge congress to take a holistic approach, to provide tax reform to all of america's businesses. fair and equitable tax reform will drive economic growth and enhance the competitiveness of all types of american businesses, not only in the u.s. but also abroad. the aicpa is a longtime advocate for an ef
cash flow tax, or a carbon tax. finally, making business tax cuts retroactive to january 1st, 2017, would not promote growth. retroactive tax cuts would give a windfall to profitable businesses. that does little or nothing to encourage productive investment. indeed it could weaken growth by leaving less budget room for more pro-growth reforms. another down side is all the benefits would go to shareholders, not workers. thank you again. i look forward to your questions. >> thank you. thank...
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Aug 3, 2017
08/17
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CSPAN
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we have the earned income tax credit where people pay negative taxes. it is because we do not provide people with basic -- guest: social security trust funds will begin operating on deficits. it will have deficits over and above the interest over donald trump's presidency. we have to address it. want a right, if you national health care system, it means higher taxes, even on the middle class. charge peoplee to less taxes because they were not be as for. -- as poor. if you want to fix social security, it is very easy. age.ake off and raise the guest: no. guest: yes. host: we want to get to as many calls as we can. trent in indiana, the line for republicans, go ahead. caller: if it is possible to go from an income-based taxes some to a consumption-based taxes system --consumption-based tax system? guest: it is possible. congressmanans, a plans to do away with a taxes some with a corporate vat. it tends to be less economically impactful and destructive than taxing incomes. i do not know if we will get to a system like that in this congress. that is the pro
we have the earned income tax credit where people pay negative taxes. it is because we do not provide people with basic -- guest: social security trust funds will begin operating on deficits. it will have deficits over and above the interest over donald trump's presidency. we have to address it. want a right, if you national health care system, it means higher taxes, even on the middle class. charge peoplee to less taxes because they were not be as for. -- as poor. if you want to fix social...
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2.0
Aug 14, 2023
08/23
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CSPAN3
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eye 2
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, a new layer of tax, a duplicative tax, more tax loopholes. the approach to taxation is ultimately a mess. and of course, once you have one group of lawyers write a tax law, you need another group of tax lawyers to figure it out and the cycle goes on. confusion just gets worse and worse over time and that level of confusion is something i'm going to come to in a moment, too. but let's go back to mellon. let's go back to his career as treasury secretary. and you've heard again that those were a time of turbulence and crisis, so many big new things that are important to us today were going on then. the u.s. had just experienced first european war, first land war anywhere. in fact, outside the north american continent, as bill beech noticed, we had just experienced a global pandemic of the spanish influenza with the 16th amendment to the constitution the u.s. just instituted probably for the first time, unfortunately, a permanent income tax, because the war federal taxation as a share of gdp had tripled from about 2% to 6%. so, you know, we've he
, a new layer of tax, a duplicative tax, more tax loopholes. the approach to taxation is ultimately a mess. and of course, once you have one group of lawyers write a tax law, you need another group of tax lawyers to figure it out and the cycle goes on. confusion just gets worse and worse over time and that level of confusion is something i'm going to come to in a moment, too. but let's go back to mellon. let's go back to his career as treasury secretary. and you've heard again that those were a...
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Aug 2, 2017
08/17
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you've been in the tax business for many years from tax policy to tax consulting and compliance. you've worked with congress in administrations, tax practitioners, academics and other taxpayers. what is it that you would like to achieve as head of the tax policy that the treasury department and how have your years of experience and interaction with all facets of the tax committee prepared you to do so? >> mr. chairman, one of the things i've learned over the years is that taxes do impact decision making, both by businesses and individuals. and i think having an internal revenue code that is fair and simple should be a high priority and having a globally competitive tax system is critically important for american businesses. so if confirmed, i'd focus on increasing economic growth through the tax code, creating good paying jobs, a middle income tax cut and simplicity. >> i just have to say that, what are some of the important things congress can do to help americans save their hard earned time and of course their hard-earned money as well complying with this overly complex tax cod
you've been in the tax business for many years from tax policy to tax consulting and compliance. you've worked with congress in administrations, tax practitioners, academics and other taxpayers. what is it that you would like to achieve as head of the tax policy that the treasury department and how have your years of experience and interaction with all facets of the tax committee prepared you to do so? >> mr. chairman, one of the things i've learned over the years is that taxes do impact...
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48
Dec 2, 2016
12/16
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CSPAN
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today we've got fair tax, flat tax, abc tax, we have provisions, smart ideas on tax reform. we have the same dynamic. third dynamic then we had a president willing to lead on tax reform. today we have a new president coming into ffice willing to lead on tax eform. those dynamics that existed for the '86 reforms have reoccurred again in a major way. this is a unique opportunity for us to do what most americans have given of hope ever will happen. it's a dramatic opportunity to leap frog america back in the most competitive place on the planet to create that new job. we are determined to deliver on that. thank you very much for having me here today. >> if our panel would like to join us here on the stage, we'll continue this discussion. nd i will turn the program over to my colleague david burton. when we are talking congress, i always want to call you dan burton for some reason. excuse me if i slip into that. david burton is our senior fellow in thomas a. rowe nstitute for economic policy studies and he will lead the rest of this discussion. david? >> it's my pleasure to intr
today we've got fair tax, flat tax, abc tax, we have provisions, smart ideas on tax reform. we have the same dynamic. third dynamic then we had a president willing to lead on tax reform. today we have a new president coming into ffice willing to lead on tax eform. those dynamics that existed for the '86 reforms have reoccurred again in a major way. this is a unique opportunity for us to do what most americans have given of hope ever will happen. it's a dramatic opportunity to leap frog america...
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May 5, 2014
05/14
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CSPAN2
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tax. having said that, there is an ability to move money through this technique on a high tax -- from a high tax foreign jurisdiction to a low tax foreign jurisdiction. let's say the company that has money is in a low tax jurisdiction. the company that needs cash is in a higher tax company. by borrowing the higher tax company, foreign subsidiary, gets a deduction at the 30% rate in the country where it is resident. and the lending subsidiary will only have to pick up the income and say a 12% rate. it is possible to have rate arbitrage by moving money around. in theory, when that money is paid back to the u.s. parent, it is subject to tax. the look through is really deferral as opposed to illumination. host: comments on twitter. "american corporations have never been stronger." one other comments from twitter. let's go to aneddy in north carolina on our line for republicans. caller: my question or comment, you hear a lot of people on the left talking about subsidies to oil corporations. the
tax. having said that, there is an ability to move money through this technique on a high tax -- from a high tax foreign jurisdiction to a low tax foreign jurisdiction. let's say the company that has money is in a low tax jurisdiction. the company that needs cash is in a higher tax company. by borrowing the higher tax company, foreign subsidiary, gets a deduction at the 30% rate in the country where it is resident. and the lending subsidiary will only have to pick up the income and say a 12%...
6
6.0
Oct 29, 2021
10/21
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CSPAN
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eye 6
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they call it tax reform, but there would be higher taxes. many politicians felt tax reform would give you tax increases. we wanted to make sure that did not happen. we have shared with people who run for the house, the senate, the presidency, and governors and legislators the simple plans they take and put in writing to their voters, not to me, but to the voters of their state that they will oppose and vote against any tax increase. the vast majority of republicans in the house and senate, 16 governors and 1000 state legislators have made that commitment to their voters. if you ever talk to a legislator, just ask them, have you made that public commitment to the people of your state that you will reform government to cost less. not raise taxes to continue doing all of the failed things and refused to reform anything. it is a very interesting divide. i also run the wednesday meeting in d.c. where we bring 100 center-right activists and people who work for the hill to talk about what all of the modern free-market liberty movement are doing. pe
they call it tax reform, but there would be higher taxes. many politicians felt tax reform would give you tax increases. we wanted to make sure that did not happen. we have shared with people who run for the house, the senate, the presidency, and governors and legislators the simple plans they take and put in writing to their voters, not to me, but to the voters of their state that they will oppose and vote against any tax increase. the vast majority of republicans in the house and senate, 16...
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37
Aug 27, 2019
08/19
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so the tax law gave them some of the tax cut. depends on what tax rate you are paying is a small business owner. so that could be as high as 37% or as low as 10%. as percent deduction. this proved for congress to be the hardest thing for them to accomplish because it was difficult. people owning truly small businesses and summer hedge fund equity private equity managers making millions of dollars a year, so how do you make those groups. host: she is a tax reporter. let's go to mike in dallas, north carolina. caller: i've got two comments. my first one is on social security. social security would have been great if the government would cap their hands out of it. my second thing is is there anything stopping warren buffett and all these millionaires are saying we need to get the tax rate, is there anything stopping them from voluntarily paying off taxes towards paying say the federal debt? guest: so no there is not and that goes for anyone. if you feel so inclined you can send the treasury a check and they will accept it. where the
so the tax law gave them some of the tax cut. depends on what tax rate you are paying is a small business owner. so that could be as high as 37% or as low as 10%. as percent deduction. this proved for congress to be the hardest thing for them to accomplish because it was difficult. people owning truly small businesses and summer hedge fund equity private equity managers making millions of dollars a year, so how do you make those groups. host: she is a tax reporter. let's go to mike in dallas,...
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Sep 23, 2011
09/11
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income tax and the corporate income tax. but i think it's important for us to recognize that many business enterprises in the united states are not c. corporations. so that means they are not subject to the corporate income tax and in fact a significant amount of business income is taxed directly to the individual return. and so, what figure six shows he is just the number of business entity types and how it's changed over the past 40 years or so, with figure seven providing particular detail on the growth of s. corporations and partnerships in comparison to c. corporations over the past 37 years. as you can see in figure seven, it is passed or entities, these alternative business forms, this includes state-chartered llc is, with which i know many of you are aware from your constituents have become in an recently important in terms of the number of business entities. it is not just members of entities of course have a look at the tax system. it is the amount of revenue. figure eight gives you a very quick look at the growth
income tax and the corporate income tax. but i think it's important for us to recognize that many business enterprises in the united states are not c. corporations. so that means they are not subject to the corporate income tax and in fact a significant amount of business income is taxed directly to the individual return. and so, what figure six shows he is just the number of business entity types and how it's changed over the past 40 years or so, with figure seven providing particular detail...
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137
Apr 16, 2012
04/12
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tax. it's also a property of something else called the x tax recent a more progressive version of the flat tax. >> that doesn't sound to me like the buffett tax at all. except that in real life, i don't think warren buffett does pay any capital gains tax. fae, okay, we'll get back to that. steve forbes. >> well, that sounds like a flat tax single rate, generous exemptions for adults and for children. everything else is out of the code. on the business side, you have a loet 17% rate. instant depreciation. ie instant write-off. no tax on investments. whether it's interest, dividends, capital gains. and nom death taxes. you should be allowed to leave the world unmolested by the irs or as our founders would say, no taxation without respiration. sneex sounds like your plan for 1996 and 2000 and even before that, right? >> hey, keep at it, you know the? >> john taylor? >> to be a little different, i'm very concerned with this unpredictability of the tax code. the first thing we could do is put i
tax. it's also a property of something else called the x tax recent a more progressive version of the flat tax. >> that doesn't sound to me like the buffett tax at all. except that in real life, i don't think warren buffett does pay any capital gains tax. fae, okay, we'll get back to that. steve forbes. >> well, that sounds like a flat tax single rate, generous exemptions for adults and for children. everything else is out of the code. on the business side, you have a loet 17% rate....
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0.0
Feb 26, 2023
02/23
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it was taxes. certainly when we think of the conditions in the united states, politically, economically, 1929, 1930, the very dawn of the great depression, we should recognize that only for 13 years of american history, for 17 years i'm sorry, in american history, at that point had the nation had tax, never had an income tax for any duration at all prior to 1913. so as new income tax in the united had always relied on the tariff to carry its revenue load, along with excise taxes like on alcohol. but then when they passed the biggest tariff in american history in 1930, the smoot-hawley, you had both the biggest tariff in american history, plus an income tax that at the top was taking 25% of income. this was a completely unprecedented governmental fiscal imprint, tax imprint on the american. so just naturally should expect that a great depression would have occurred then if you're a visitor from mars. just looking at, you know, what changed in terms of american taxation from 1789 to 1930, you identif
it was taxes. certainly when we think of the conditions in the united states, politically, economically, 1929, 1930, the very dawn of the great depression, we should recognize that only for 13 years of american history, for 17 years i'm sorry, in american history, at that point had the nation had tax, never had an income tax for any duration at all prior to 1913. so as new income tax in the united had always relied on the tariff to carry its revenue load, along with excise taxes like on...
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105
Apr 15, 2013
04/13
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. >> some want higher taxes. >> we are already taxed to death. (scream) >> that's hoour show tonight. frush >> and now john stossel. >> wendell holmes the former supreme court justice once said taxes are what we pay for a civilized society. liberals like siting that but holmes said that in 1927 when taxes were just 10 percent of gdp. that's enough to pay for a civilized society. but america's government has grown so far, so fast that it is now spending 40 percent of gdp. i think it's much too big, but i do want to pay my fair share, so what's that? what is fair? i now give most of my income to the government. poor people pay the smaller percent and lots of people say that is fair. i see their point. but texas congressman lewey gomer says it's not fair and america needs a flat tax. meaning congressmen what? >> it means when people hear the word fair share or fair, it ought to be flat tax. the only way to truly make things fair so if you are making more you pay more. you make less you pay less. make it a flat tax. the word fair ought to bring to mi
. >> some want higher taxes. >> we are already taxed to death. (scream) >> that's hoour show tonight. frush >> and now john stossel. >> wendell holmes the former supreme court justice once said taxes are what we pay for a civilized society. liberals like siting that but holmes said that in 1927 when taxes were just 10 percent of gdp. that's enough to pay for a civilized society. but america's government has grown so far, so fast that it is now spending 40 percent...
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72
Jun 25, 2019
06/19
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in state taxes and local income and earning taxes. this changes significance for average families in my district and in districts across the state of ohio. if you visited my community you would find beautiful tree lined streets filled with families who care deeply about one another and invest heavily in public education. if you have heard of upper arlington you may know we are considered an affluent community. that is correct. when i shared my median home value you may think someone who owns a 357,000-dollar home can afford a tax increase. but again, this is not correct. our community is not one dimensional and we have more families making financial sacrifices to move to our city to place their students in our schools. these are families living paycheck to paycheck with less flexibility in their household budget to absorb tax increases. this change in tax law has made an increase in federal taxes when they do not have the margin to pay for such an increase. i'm concerned these families will not be able to afford future school tax levi
in state taxes and local income and earning taxes. this changes significance for average families in my district and in districts across the state of ohio. if you visited my community you would find beautiful tree lined streets filled with families who care deeply about one another and invest heavily in public education. if you have heard of upper arlington you may know we are considered an affluent community. that is correct. when i shared my median home value you may think someone who owns a...
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20
Sep 28, 2017
09/17
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the most important part is the tax cut. who wins in a tax cut? the guy who spent eight years without a job. we know when you reduce the tax burden you get more job creation. we live through that in the past. when obama raised taxes we have the weakest recovery in modern history. if you want to bring down the deficit, get economic growth going. host: if you want to talk to grover norquist, colin now. here this morning -- call in now . revealed thatans line we will start with independents first. caller: my husband and i are not in the high tax bracket. i've got to say that i'm not impressed with the doubling of the standard deduction. thegame is offset by personal exemptions. "come to $2250. eliminatedbracket is my that 225 tax save reduces to $113. lowerso curious, bidding income, what they are going to do on capital gains. there currently is 0% for those of us who take a risk on our investments to get some dividends. i am afraid that might be lost. i am unsure where that stands or that will put us at 15%. ,gain, big risk on investments don't know
the most important part is the tax cut. who wins in a tax cut? the guy who spent eight years without a job. we know when you reduce the tax burden you get more job creation. we live through that in the past. when obama raised taxes we have the weakest recovery in modern history. if you want to bring down the deficit, get economic growth going. host: if you want to talk to grover norquist, colin now. here this morning -- call in now . revealed thatans line we will start with independents first....
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44
Aug 24, 2014
08/14
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WHYY
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taxes. here's what president obama said recently about that practice, known as inversion. >> now, here's the problem is this loophole they're using in our tax laws is actually legal. it's so simple and so lucrative, one corporate attorney said it's almost like the holy grail of tax avoidance schemes. my attitude is i don't care if it's legal, it's wrong. >> now look at this recent headline in "the new york times." reluctantly, patriot flees homeland for greener tax pastures. it's about a u.s. generic drug company incorporating in the netherlands. reluctantly, my eye. skipping out on america means more profits for the company and bigger bonuses for the ceo. tax-dodging is big business, which has one of our world's most noted economists plenty angry -- nobel laureate joseph stiglitz. he's president of the international economic association and served as chairman of the white house council of economic advisers back in the '90s. his best-selling books have shaped worldwide debate. and now he's w
taxes. here's what president obama said recently about that practice, known as inversion. >> now, here's the problem is this loophole they're using in our tax laws is actually legal. it's so simple and so lucrative, one corporate attorney said it's almost like the holy grail of tax avoidance schemes. my attitude is i don't care if it's legal, it's wrong. >> now look at this recent headline in "the new york times." reluctantly, patriot flees homeland for greener tax...
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0.0
Sep 22, 2022
09/22
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CSPAN3
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tax state. however, in light of states expanded rights and sellers rights to new access. small businesses in particular face new responsibilities and challenges. the difference hundreds of threshold between states and localities can create a burdensome and complex system that can make business difficult for small businesses. sellers must now learn to comply with the myriad of checks -- tax jurisdictions where there consumers reside, or higher tax consultants. this can be time-consuming and expensive for small businesses who do not collect sales taxes but must remit sales taxes to other state. with the attempt to ease these burdens, a comprehensive solution to this problem remains evasive. the right of states to levy taxes and to empowerment into polities to do the same is well-founded founded on the principle of sin eight sovereignty. on the other hand -- on the principle of state sovereignty. on the other hand, there must be a balance struck between states collecting sales tax due and ensuring
tax state. however, in light of states expanded rights and sellers rights to new access. small businesses in particular face new responsibilities and challenges. the difference hundreds of threshold between states and localities can create a burdensome and complex system that can make business difficult for small businesses. sellers must now learn to comply with the myriad of checks -- tax jurisdictions where there consumers reside, or higher tax consultants. this can be time-consuming and...
2
2.0
Sep 6, 2023
09/23
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RUSSIA24
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taxes are discussing changes in tax legislation and tax practice. see you later. have you already guessed? we have to talk about some kind of unseen power industry through the far east. this is not an optical illusion of pontoons, it is not an asymmetric response to claims from abroad, which has nothing to cover with a solar battery. as far as i understand, we are the first journalist to film here, yes. russia has always had the potential in central siberia, the far east, the task of ensuring only the number of kilowatt hours, but also instantly every second, so that there is as much as needed. if you have a hammer the solution is in the hammer. that's right, here i am now flying over an abyss. we can guess here what else is going on. there is no surface, they found it. and this is the one who likes to clean up the economic forum, which is taking place, of course, in a completely different political environment, new considerations have arisen about these very carbon units, how will it work? all around is the thicker, black, salty pacific ocean, the
taxes are discussing changes in tax legislation and tax practice. see you later. have you already guessed? we have to talk about some kind of unseen power industry through the far east. this is not an optical illusion of pontoons, it is not an asymmetric response to claims from abroad, which has nothing to cover with a solar battery. as far as i understand, we are the first journalist to film here, yes. russia has always had the potential in central siberia, the far east, the task of ensuring...
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24
Dec 18, 2017
12/17
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eye 24
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sheena came out in favor of a soda pop tax. tax on the people. and a wage tax. and she said she would sign the. so she was willing to raise taxes on poor people and middle income people. everybody. and $1 trillion that she admitted to with tax increases that she didn't spell out how much they were. green.ndy guest: the affordable care act help 20 million people get insurance. the american medical association has a post and all associations have vigorously opposed every effort coming out of washington in the past 12 months to try to repeal it. clinton's taxk at plan, you will find that they were exclusively about raising taxes on the very wealthiest. taxes and the social security thing, that is closing the loophole that allows the wealthiest folks to not pay payroll taxes that everybody else pays. so i think this is really a question about, what is your vision for the role of government in society. beit a government that will invested in you? a government that will be there to make sure you have education for your kids and access to college and the ability to hav
sheena came out in favor of a soda pop tax. tax on the people. and a wage tax. and she said she would sign the. so she was willing to raise taxes on poor people and middle income people. everybody. and $1 trillion that she admitted to with tax increases that she didn't spell out how much they were. green.ndy guest: the affordable care act help 20 million people get insurance. the american medical association has a post and all associations have vigorously opposed every effort coming out of...
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18
Nov 29, 2017
11/17
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eye 18
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his income tax rates are 100%, income tax revenue will be zero. with 100% tax rate nobody will bother to work. and companies will not produce either. corporate taxes were seen hypocrisy from our friends across the who previously had championed some of the provisions in the legislation. the ranking member of the senate finance committee, our friend for market two peter 24 person corporate rate because of 35% rate chased businesses and jobs overseas. he now calls our reduction in corporate taxes a giveaway to corporations. you could consider statements made by barack obama in 2011. he said to a joint session of congress, one thing republicans democrats need to do together his work on lowering the corporate tax rate. he recognized this was self-destructive. chasing jobs overseas and prevented the u.s. treasury from collecting the taxes. frankly, it was hurting bottom-line for american families economists have said lowering the tax rate will bring more investment jobs back home. if it were lowered expanded production would increase to mystically even
his income tax rates are 100%, income tax revenue will be zero. with 100% tax rate nobody will bother to work. and companies will not produce either. corporate taxes were seen hypocrisy from our friends across the who previously had championed some of the provisions in the legislation. the ranking member of the senate finance committee, our friend for market two peter 24 person corporate rate because of 35% rate chased businesses and jobs overseas. he now calls our reduction in corporate taxes...
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0.0
Jan 14, 2023
01/23
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guest: the idea this fair tax idea that we should ship from an income tax to a sales tax is one of the stupider ideas that has been put forward. it is nonsense. the concern is that we tax people saving in investment too much. which is to, we want saving and investment to flow in the united states. we saw -- when you cut the corporate income tax from highest in the world. we had the highest corporate income tax under obama in the world. 35%. french -- france was at 25%. why do we have trouble competing with china, we were taking 35% of earnings of american companies and they were at 15%. we shoot ourselves in the food. that was brought down to 21%. the medium in -- the corporate income tax damages people's wages and you saw it when we cut the corporate income tax and wages shot up. we had their week -- the reaction to covid, which shut everything down. we have a lower corporate income tax, tony one -- 21%. we have a serious challenge now in that, the government is spending too much money. it is spending poorly. the irs is part of that. one of the things i try to walk through, they do no
guest: the idea this fair tax idea that we should ship from an income tax to a sales tax is one of the stupider ideas that has been put forward. it is nonsense. the concern is that we tax people saving in investment too much. which is to, we want saving and investment to flow in the united states. we saw -- when you cut the corporate income tax from highest in the world. we had the highest corporate income tax under obama in the world. 35%. french -- france was at 25%. why do we have trouble...
25
25
Sep 13, 2018
09/18
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CSPAN3
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eye 25
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taxes than under the old tax code. a greater proportion. so i understand that any time we pass broad comprehensive policy there will be some people that will be unhappy, but i think we did the best we could and i think we're seeing the results in the economy, more and more americans are cha americans are sharing in the recovery finally and that is something i think everyone on the committee should celebrate. and of course we have to work together to face some of the other challenges that pose a threat specifically and most acutely to my generation and people younger than me. we cannot hand over this kind of debt and that is something that i'm committed to working on with every member of this committee on the republican side, on the democratic side. so thank you, mr. chairman for this opportunity and i look forward to supporting our legislation today. >> thank you, mr. curbelo. and mr. crowelly, you are recognized for the last word. >> for the purposes of introducing -- i yield to mr. pascrell. >> thank you. mr. chairma
taxes than under the old tax code. a greater proportion. so i understand that any time we pass broad comprehensive policy there will be some people that will be unhappy, but i think we did the best we could and i think we're seeing the results in the economy, more and more americans are cha americans are sharing in the recovery finally and that is something i think everyone on the committee should celebrate. and of course we have to work together to face some of the other challenges that pose a...